RBI sets up an advisory group to assist RRA 2.0

The Reserve Bank of India (RBI) has constituted an advisory group to assist the second Regulatory Review Authority (RRA 2.0), which was set by the central bank on May 01, 2021 to streamline regulations and reduce the compliance burden of regulated entities. The Advisory Group will be headed by SBI Managing Director S Janakiraman.

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Other members of the 6-member advisory group are:

• T T Srinivasaraghavan (Former Managing Director and Non-Executive Director, Sundaram Finance),
• Gautam Thakur (Chairman, Saraswat Co-operative Bank),
• Subir Saha (Group Chief Compliance Officer, ICICI Bank),
• Ravi Duvvuru (President and CCO, Jana Small Finance Bank),
• Abadaan Viccaji (Chief Compliance Officer, HSBC India)

About the RRA 2.0:

• The second Regulatory Review Authority (RRA 2.0), has been set up for a period of one year from May 01, 2021, to review the regulations, circulars, reporting systems and compliance procedures for streamlining them and making them more effective.
• The group will assist the RRA 2.0 by identifying regulations, guidelines, and returns that can be rationalised, and submit reports periodically to RRA containing the recommendations/suggestions.

Important takeaways for all competitive exams:

• RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

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